Cash-strapped
Kingfisher Airlines' board will meet again on Tuesday, after their Monday meet was inconclusive in chalking out a rescue plan for the carrier as it continued to cancel many of its daily flights while struggling with a pilot exodus and huge debts.
"The board meeting which was held today was inconclusive," a company official said on the meet which was held to discuss the July-September quarter performance and on the issue of infusing fresh capital in the company.
According to the official,
the board will meet again Tuesday after the carrier's chief executive and chief financial officers meet with the company's lenders.
"It (board) will meet again tomorrow after the company's chief executive and chief financial officers interact with the bankers," the official said.
Senior company officials will also address the media Tuesday to announce the company's second quarter results.
The board meeting came in the backdrop of increasing anxieties about the financial health of the airline. The country's stock markets, vendors and lenders would also be keeping a close watch on the company's quarterly results.
The board meeting was expected to come out with a framework on cash infusion into the airline, as well as cutting some of the Rs7,000 crore debt.
News of the company planning to cut costs and infuse capital buoyed trading sentiments and the airlines' scrip at the Bombay Stock Exchange (BSE) touched the high of Rs 21.65 before closing at Rs 21.35, up 8.63 per cent for the day.
Earlier, the company's stock at the BSE declined over 19 per cent on Friday to a new low of Rs 17.55. It, however, pared some of the losses and closed the day at Rs 19.65, down 9.45 per cent.
The company's lenders said that they would hold a meeting with the airline, which they have asked to come up with more funds for them to consider restructuring of the company's loans.
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